U.S. stocks mostly higher as technology shares outperform.
U.S. stocks were mostly higher Wednesday, with sectors tied to information technology and real estate leading the market higher.
The S&P 500 Index (NYSEARCA:SPY) gained 0.2% to 2,767.32, with five of 11 sectors contributing to the rally. Tech shares rose 0.4% while the smaller real estate component added 1.1%.
The technology-driven Nasdaq Composite Index (NYSEARCA:QQQ) jumped 0.7% to settle at 7,7781.51, a new record high.
Dow industrials (NYSEARCA:DIA) bucked the trend, falling 42.41 points, or 0.2%, to 24,657.80. The Dow index has now fallen in seven straight sessions.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) drifted lower as calm continued to prevail on Wall Street. The so-called “fear index” fell more than 4% to 12.80.
In economic data, U.S. existing home sales declined unexpectedly last month, a sign that rising mortgage rates and costlier real estate were dampening the re-sale market.
The National Association of Realtors (NAR) said previously-owned home sales dipped 0.4% in May to a seasonally adjusted 5.43 million-unit pace. Analysts in a median estimate had called for a gain of 1.5%.
The Final Word: Trade risks continue to influence investor sentiment at a time when stocks are looking to regain their poise after a volatile second quarter. It remains to be seen how the tit-for-tat between China and the United States will be resolved or whether it will spur a flight to haven assets in the near term.